Chevron tops Tesla as most-shorted stock in April, says Hazeltree

) as short-sellers up their bets on weaker energy prices, according to a monthly report by data and tech firm Hazeltree.

While the oil company has occupied second place in the last three months, April saw a jump of over $500 million worth of Chevron’s total stock used for shorting, to about 9% from the previous month’s roughly 7%. However, Chevron’s shares gained 1.38% in April, which added around $5 billion to its total market value, according to LSEG Datastream. A short position is a bet that a company’s stock price will fall.

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